Quote:
Originally Posted by doctorttt
Folks, need some help. I have never done a lease before and want to lease the 2020 G06 x40i. I did some research already but wanted to check with you people to see what I'm missing before speaking with a list of dealers I have.
1) Do people generally lease a vehicle that's already at the lot? Is it uncommon to lease a custom build?
2) I will need to know the MSRP of my build and negotiate a discount before any incentives, right? (I will review the pricing guide.)
3) Ask the dealer to provide the money factor and residual value, right? I'm looking for 3 years/10k. I heard MF could be negotiated, right?
4) I will be a first time BMW driver and I believe I'm qualified for conquer. Does BMWFS offer any lease rebate? I'm already a CCA member since summer 2019.
5) I want to get rid of my current car. If buying, I know the trade-in value of my current vehicle is tax-deductable. Does leasing have something like this? I heard that in a lease, trade-in is a separate transaction.
6) For a lease, how do I avoid upfront payment? Is it possible to have zero (or minimal) upfront payment?
7) What else do I need to know?
Any help would be appreciated.
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Hi there! You're definitely in the right place. My responses below:
1) It's totally up to you if you want to lease one that's already on the lot or to do a custom build. Folks on here routinely lease custom builds, so it's not uncommon at all. And depending on your dealership, you may be able to get just as good of a discount on a custom order as an in-stock vehicle (though usually the custom build are slightly more since the dealer is not "stuck with it" and doesn't have to be as aggressive on the discount off MSRP).
2) Yes, you need to know the MSRP of the in-stock vehicle or your custom build before you can proceed and negotiate a percentage discount off the MSRP before incentives. And that really is the key - you want to get a dealer to tell you what their selling price of the vehicle will be before applying any incentives. I'm not familiar with what G06 X6, but I know for G05 X5 a 9-10% discount off MSRP is good and 11%+ is really good.
3) The residual is typically fixed and the same across the board for all dealers. For 3 years/10k miles it's 57% for the G06 this month. The base MF for February is 0.00142, though some dealers hike this up to recoup any loss on their selling price. The key is to try to get the base MF applied to your deal. So yes, the MF can be negotiated if the dealer starts off with anything higher than the base.
4) BMW FS is currently offering $500 lease credit for G06 in February and $1,250 in loyalty credit (need to have BMW in same household). Not sure if conquest would apply to a lease. And as for CCA, you'll get a $1,000 post-purchase rebate from them after you sign your lease. Be sure to timely fill out the application after signing your lease (i.e., after taking delivery of your car).
5) Not sure, I've never traded in a car before.
6) I would just recommend really doing your homework and figuring out what options you want, etc. so you don't regret not getting something. This is a big purchase, so make it count!
Good luck!